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This project explores the societal value of mutuals and co-owned businesses, examining how ownership structures rooted in accountability to members can create benefits that extend far beyond commercial performance. Rather than viewing mutuality solely as a business model, the research approaches it as a social contract – one that shapes relationships between organisations, customers, employees and communities.

At the heart of the research is the hypothesis that mutuals deliver broad and distinctive social value. By prioritising customers and members over external shareholders, they may foster greater trust, resilience and social connection, with benefits that are experienced not only by individuals but also by the communities and societies in which they operate.

People, Place and the Economy: The Social Value of Mutuals

cover page for social value of mutuality reportMay 2026
Publication announcement: A new report to build awareness, influence policy discussion, and provide the mutual and co-operative sector with shared insights that explain the social value of mutuals.

This report, supported by the Royal London Group and published by the Centre on Mutual and Co-owned Business, explores the distinctive social value created by co-operatives and mutuals across the UK economy. Drawing on interviews with leaders from a wide range of mutual organisations, the research demonstrates that social value in these businesses is not an additional activity or corporate responsibility exercise, but something embedded within their ownership structures, governance models and long-term economic behaviour.

The report identifies seven shared “sector truths” that reveal how mutuals create value through member-focused decision-making, community rootedness, long-term stewardship and inclusive market practices. In doing so, it argues that co-operatives and mutuals represent a distinctive and enduring form of enterprise that contributes not only to commercial success, but also to economic resilience, trust and social wellbeing.

Authored by Jonathan Michie, Peter Hunt, Mark Willetts

Related reports

Monash report cover “How Mutuals and Cooperatives Report Their Social Value: A Global Comparative Study” A Report from the Mutual Value Lab at Monash Business School, which examines how mutual and cooperative organisations across different jurisdictions and industries articulate their social value.

This study was commissioned by Mutuo, UK, and carried out by the Mutual Value Lab, Monash Business School, in collaboration with the Centre on Mutual & Co-owned Businesses at Kellogg College, Oxford University.

 

 

cover of literature survey “Social value in co-operatives and mutuals: A brief survey of the academic literature” A Survey conducted by Professor Jonathan Michie, Director of The Centre on Mutual & Co-owned Business to provide a historical context for critiques of current global economic and social trends, and the academic research behind the evidence for the benefits of mutuality.

Discover the seven shared sector truths about mutuality:

Across diverse subsectors, seven cross-cutting truths were identified:

  1. Profits for people: Mutuals pursue commercial success in service of members, embedding purpose into decision-making rather than treating social impact as an add-on.
  2. Building resilience: Mutuals support financial wellbeing and shared value through inclusive design, equitable pricing and long-term stewardship.
  3. Place-based value: Rootedness in communities creates local economic anchoring­, trusted relationships and social infrastructure beyond transactional services.
  4. Market creation and inclusion: Mutuals frequently pioneer new markets and serve groups overlooked by mainstream providers, shaping the evolution of industries over time.
  5. Member-shaped purpose: Governance structures vary, but decision-making remains oriented towards member benefit and long-term legitimacy.
  6. Long-term relationships: Relationship-based models foster trust, loyalty and organisational stability, reflected in member engagement and workforce culture.
  7. System-level impact: Mutuals contribute to corporate diversity and economic resilience by demonstrating patient, steady and socially productive forms of commercial behaviour.

Taken together, these truths suggest that mutuals offer a distinctive economic orientation that complements investor-owned enterprise rather than replaces it.

For policymakers, the implications are significant. Supporting a diverse corporate landscape — including mutual and co-operative ownership models — can strengthen inclusive growth, regional economic resilience and long-term stability.